Market Closes - January 17, 2017

Posted on Jan 17, 2017

Except for MGEX wheat and soybean oil futures, CBOT futures closed strongly higher led by 2+ percent gains in old-crop soybean futures and 4+ percent gains in nearby soybean meal futures.  Corn and wheat futures also gained almost 2 percent. New-crop soybeans closed little-changed and a dime off the day’s highs. A sharply lower US Dollar and a loss of soybean acres in Argentina from heavy rains drove the market higher as the spec funds were big buyers. They are short corn and Chicago wheat, and long soybean futures.

Technically speaking, old-crop soybean futures traded above chart resistance at the November highs, but did not close above those highs; however, this is the highest closing price since July 13. Corn futures, however, traded higher and very close to chart resistance at the October highs. Thus, further strength tomorrow could very well trigger buy-stops and boost the markets even higher.

The US Dollar fell sharply today in part on President-elect Trumps’ comments on China’s currency manipulation. Consequently, gold and silver rose sharply and Treasury yields weakened.

Cattle futures closed higher and in the upper end of the range.  Live Cattle traded to new highs. Prices were supported by ideas that recent winter weather has trimmed weight gains in feedlots. Fewer cattle are expected to be available for packers this week, so cash prices may firm up. Choice carcasses up 0.23 at 191.62; Select down 0.23 at 187.23.  These quotes are similar to the midday quotes.

Lean Hog futures closed slightly higher after a volatile trading day. Futures were supported by higher cash hog prices and the cattle price rally. FOB Plant Pork gained .59 to 80.53 with gains in ham and bellies offsetting losses in loins and butts. This is 1.93 higher than the midday quote thanks to the ham value turning around.

Corn Mar +7 365; Jly +7 380; Dec +6 392 (386-93)

Bean Mar +23 1069; Jly +22 1083; Nov +1 1020 (1018-30)

  Meal +15 349

  Oil -4 3556

Wheat Mar +7 433; Jly +8 463 (452-66)

  KC +3 452; MGE -16 566

Oats +7 249

Rice +5 995

 

LC Feb +105 11957; Jun +50 10852; Aug +50 10417

FC Jan +47 13092; Apr +65 12950; Aug +10 12847

LH Feb +20 6580; Apr +10 6972; Jun +35 7895

Milk Jan -2 1679; Feb -16 1702
 

US$ -1.2%  100.34

   103.82 was the recent high set January 3rd.

Dow -59 19827

SP -7 2268

NAS -35 5539

Tran -103 9100

  VIX +.64 11.87

 

WTI +17 5254

Brent -33 5553

Gas -1 160

NG -2 340

HO unch 165

Eth +3 151

Gold +20 1216

Slvr +45 1721

 

2-yr -.041 1.152%

5-yr -.061 1.823%

10yr -.055 2.325%

30yr -.048 2.929%

 

Kentucky Weekly Livestock Summary for the week of Jan 9-14, 2017
  Receipts
This Week      Last Week         Last Year
   25,637         21,189            19,984

Compared to last week steer calves sold steady to 4.00 higher with instances sharply higher and heifer calves steady to 5.00 higher with instances to 10.00 higher.  Demand was moderate to good for an average though attractive quality offering.  Yearlings sold steady to 2.00 higher with moderate to good demand. Slaughter cows sold 1.00 to 3.00 higher with moderate to good demand and slaughter bulls steady to 5.00 higher with good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here